same-store sales down 26% last quarter. [closing bell ringing] liz: here comes the bells after what david calls yes a very tough week. david: two weeks. liz: busy two weeks. we made it; right? but barely. now these numbers are still settling. we always caution you because some big trade could come through here and that could change these numbers. at the moment up and down the screen dow jones industrials seem to be eking out about 4 point gain. s&p better by 2. nasdaq up 9. russell 2000 squeezing out 1 1/4 points. david: let's talk about oil. climbing today above the $86 a level a barrel ending the week up 1.4%. some people say with all this inventory of oil, we are a wash in oil, and yet the price goes up, we will see if it continues to go in that direction next week. liz: speaking of crude, the exchange traded funds that focus on oil saw big moves today. this one's the ultra short oil etf, so when the market goes down, it doubles its money, you're able to do that.

so listen, that one fell about 2 3/4 points because oil looked better today. ticker symbol sco, more than 2 points higher, 2 1/3% there. now on the flip side, ticker uco saw a nice pop there. dd let's take a look at -- david: let's take a look at a role reversal. which stock do you think is which? usually you would assume that apple is the one going up and rimm is going down. not in the past month. look at this, rimm is up 9% in the past month. apple is down over 15%. huge differential, something that is only going to happen once in our lifetime probably. liz: you never know with these markets. >> pay for performance. help corporate america run better? could it do the same for congress? some say it might be the ticket to get lawmakers back on track, and she's not just anybody. the former fdic chair joins us with a radical plan that could

shake up washington. >> plus, investors dumping stocks over uncertainty regarding the tax treatment of dividends. the one high yielding sector that pays out now no matter what happens. first, what drove the markets today, today's data download. stocks squeezed out a few gains after struggling to find direction all day long. this following the worst two-day performance so far this year. all three major indexes ending down, more than 2% for the nasdaq posting the 5th consecutive weekly loss. that is, by the way, folks, the longest losing streak in a year and a half. all ten s&p sectors lower. utilities down 4%. gold, though, gold ended up, more than 3%. concern over the fiscal cliff and europe's economy, yes, that's still a problem, boosted the precious metal. gold ended the week at 1730 an ounce, a tight close in more

than three weeks. the preliminary readings showing consumer confidence rose to the highest level in more than five years in november, the consumer sentiment number from the university of michigan climbing from 82 #.9 kling -- indicating the american's outlook improved. we'll take it. >> in the pits of the cme, and why we are on the verge of a new leg of a bull market, and mike harris who says there's still the possibility of a qe4 from the federal reserve board. scott, the election, first of all, that pulled 400 points from the market, the dow, and president gave a talk, but the markets flat. what's it take to put the 400 points back into the market? >> you know, david, when we talk about the election, i don't think it mattered whether it was obama or romney because, remember, the eve after the election, after obama had

already been declared the winner, futures were up, and then about five o'clock central time, the morning, we got that news coming out of europe, groggy, that maybe this con they onin europe was now heading towards germany. david: scott, scott, stop there. you say the 400 points from the markets the two days after the election had nothing to do with the election? >> some of it did, but i'm telling you, much of the momentum on wednesday morning was due to the news out of europe, and last day or two is just a follow-through. now, to date, disappointing we couldn't hold the rally? absolutely. i tell you the traders down here behind me issue everybody is flat, and everyone now believes the next move is going to be back up. at least there's talk now between both sides in congress, between both sides, there's talk. is something going to happen over the next week? probably not, but at least the guys are getting together to talk. i'm telling you that a good portion of this was because of europe wednesday morning.

>> what's the ratio you see? it indicates there's bearishness in the market or calls out there. >> right, but look at what the vix is doing. look at the last couple days. not only unchanged, but it was actually down. i mean, that doesn't happen in this down market so if that's an indicator, that could be a turning point over the last week. >> the market panel, michael harris, president of campbell and company, president of lawry corporation, paul desmond, and you have similar, yet different perspectives here. paul, you are more bullish so why? i mean, what is it about this market? is it something you heard scott resinate there? >> well, there are certain signs you look for for internal weakness in the market that would suggest that the market was topping out. we don't really see all of those signs yet. more of them are occurring every day, but it's still fairly early in the process of deterioration

so what we've had is a big rally since june without a correction of significance, and so we think now there's a correction. we're not at the bottom of it yet. we think we're going to go somewhat further down, and then that correction should lead to a new rally, but the new rally would be highly selective, and investors will need to pick stocks very closely. david: we'll get into picks in a moment, but, michael, you stuck with the rally, and good for you for having done so although the past couple days it's not good, but how much longer are you willing to stick with this bull market? down -- if we have another week next week like we had this week, is it time to pull out? >> well, i think that's a really good point. we followed the trend the last couple monteses, but the last couple weeks, we saw a bit of a correction.

the question is as we reach the pivotal pointings is it a new down trend? if so, we'll get short. fast models got short, and now the medium trend models are picking up on the downturn so in a couple more days, we could see the portfolio turn long to short here. >> mike, what would you short? >> we're shorting s&p and nasdaq futures in particular. as i said, we're still long at this point, but with the concerns in europe, and we're hearing the greece -- latest tranche of bailouts delayed at this point. spanish tenures rising back to 6%, and they have not asked for a bailout, and now we hear germany is pulled into the crisis with slowing growth. as all the factors mount, we have continued concerns about the middle east now that they shot a drone. obama may have to deal with a nuclear iran sooner rather than later sending stocks to the downside.

>> okay. paul's buying. you have names you are buying now. get to the sectors, two stocks in each that you like right now. >> well, i think this has to be done carefully. we're in an old bull market, and we're not at the bottom of the correction yet so it's a little early for picking stocks, but the three strongest sectors at the present time are industrials, financial, and consumer noncyclicals, and so then we go down into the industry groups, and we find that within the industrials, probably the strongest industry group is the building supplies, and under building supplies, there's the louisiana pacific, the ticker symbol is lpx, and also, under industrials, in heavy equipment is joy global, the symbol of joy, they build mining equipment. in the financials, it's a very selective sector, but the

insurance stocks are showing exceptional strength, and two stocks that we like are hartford financial, hig, and first american, faf, and then in the consumer noncyclicals, it's mostly tobacco and liquor. >> we'll take them. david: we love them. >> fortune brands symbol "hbhs," and "deo," -- david: scott, after throwing cold water over your theory this market drop didn't have all that much -- i think it was 80% about the election, but you don't, but what about financials? today, the market was basically flat, but financials had a good day. not a bang-up day, but a good day for financials. are they due for a rally? >> i don't know.

i wouldn't say they are due for a rally, but i don't see the sharp selloff. financials here, the end of the year, barring there's no final decision on the fiscal cliff, it's going to be in a tight race. i don't think we rally from the financials in here, and i know they have been a leader in the market place over the last couple months. i don't particularly like that sector. i'm not saying get shorter by any stretch of the imagination, but i don't see the appreciation in six weeks. david: thank yous a million. appreciate it. have a good weekend. >> thank you. >> thank you. >> thank you. daifd daif you want to fix congress? the former fdic chair says she knows how. pay for performance. why not capital hill? she's joining us with the ideas straight ahead. >> president obama speaking on the economy and looming fiscal cliff for the first time since the election. what was his real message between the lines to congress? live at the white house. >> also, digging into the

numbers, it appears the republican base did not come out the way many thought it would in the election. well, why not? what does that mean for the future of the republican party? best selling author and "wall street "wall street "wall street journal" columnist peggy noonan is here. ♪ [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts,

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>> heavyweight dow component hewlett-packard hitting a . pakistan are only fo on the floe nyse to find out why. sandy. sandra: not a good day, take a big hit. competition heating up in the pc business in hewlett-packard shares suffering as a result. take a look finishing down about one .5% on the session down at $13.61 per share. hitting a 10-year low. just a penny off the low. volume not significant, but two-thirds of the average daily volume.

a little bit of news, lenovo is expanding market share. most importantly over hewlett-packard computer shipments and that is really weighing on the dow components today. thank you guys. david: sandra smith, have a fabulous weekend. liz: s&p futures closing right now. let's go back to cme group on this friday, how does it look? >> it looks like everybody covered, we rallied a little bit into the close. healthy going into next week even with all the uncertainty. we don't see any negativity coming out next weekend with the fiscal cliff business. if we don't do the parties say we are off the table right now, say a small rally going into the weekend. david: that is good news, thank you very much, appreciate it. liz: today president obama and house speaker john boehner spoke out about the troubles facing the nation.

saying they need to work together. david: they always say that but when push comes to shove, will we see compromise on the critical issues? rich edson from the white house with details. is it going to happen? >> it is a little too early to tell, but look, the democrats campaign in raising taxes on those earning more than $250,000 per year and the voters he said have spoken. the white house later said the president would veto any bill that doesn't raise taxes on the wealthier taxpayers. he is willing to talk. >> i'm open to compromise. i'm open to new ideas. i'm committed to solving the fiscal challenge. but i refuse to accept any approach that isn't balanced.

speak of the president said he invited readers to come over to the white house. they tell us they're still working. the president will give a press conference next week, wednesday. david: house speaker gave the speech. what kind of a compromise are we talking about, the change of the 250,000? the president may say anything above 500,000, something like that. speak to the president at 250 and above, republicans are at no tax rate increase, their position is that we should overhaul the entire tax code and through that entire new tax system to get more revenue out of that. opening positions right now, playing with a number of different things. keep rates where they were for now and work on the details, finish up the deficit reduction tax plan next year.

liz: thank you, rich, rich edson, we appreciate it. david: how can we get those folks who work for us to get more things accomplished? maybe bring down the debt for example? that would be nice. if they don't do it, they don't get paid as much. that is what sheila bair represents. giving us her blueprint for change coming up. it's a new day.

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liz: rutgers football coach is getting some major attention these days. his salary is $750,000, just $750,000 because louisville's coach with the same 4-0 record makes more than $2 million, but there is some incentive for the coach to make more money. david: if rutgers win 10 games, he gets 25,000. in these coach of the year, $25,000, and coach of the year, $50,000. he could add 100 grand to his pay. congress could learn a thing or two from the sports world in the private sector by instituting pay for performance. joining us, sheila bair, former fdic chair. what an idea. everybody scrambling around for ideas, how do you get congress to do better. let's explain for folks who have not read your piece, members of congress make about $180,000 per year.

you would split that into two parts. $90,000 cash, they need some living expenses, and how would they get the other 90,000? >> the rest in 10-year treasury bonds which they woul would havo hold maturities that have to think about what the value would be at the end of 10 years and think long-term interest. and also condition certain economic metrics, gdp growth about 3%, labor force participation rate 66%, number of people looking for jobs, and also voters would get to vote on how the president and congress collectively are working to serve the country and they would have to pass that by the general population. liz: we are all pay for performance when it comes to leaders in politics, but let's played devil's advocate, art treasuries subject to things not

just that can be controlled by the u.s. economy and what congress may or may not accomplish but also for example headline disasters overseas, the chinese by a lot of our debt. >> short-term market moves and the value of the treasury bonds would not matter. again, they would have to look 10 years down what would they be worth. i think it would take a longer view not a short-term swing. longer-term favors the economy, how stable will it be with the inflation rate which could be very key. new bonds would be issued. reflected in the treasury bonds but that have to hold the maturity. i think that is important feature of this. david: that means they would have to be worried about inflation, which is something they should be worried about. theithe money could be frittered

away. >> exactly. if we continue on this unsustainable fiscal path, we're going to have more severe problems potentially with interest-rate volatility if investors overseas, chinese investors or whoever are buying our debt are confident, interest rates could slide lower in the value the bond. a lot of incentives combined with economic performance metrics that could help get members of congress and the president on track improving the fiscal health. liz: if your idea were in place for pay for performance, would anybody come out a winner as we head toward the fiscal cliff? >> no. liz: do you believe we will see a resolution here? >> it would help avoid the fiscal cliff. but i think it may help cometh

will hurt our economy which will in turn hurt the tech space and impair the perception of the government and the federal government as creditworthy. we need to avoid the fiscal cliff but we also have to start making some tough decisions of how we will put ourselves in the tax ability. david: some people have thrown your name into the mix of possible treasury secretary. does this idea, which is probably radioactive, does this diminish your chances of becoming treasury secretary? >> i'm at this stage in my career and my life we have so many problems in so many things i was concerned about, i just needed to start speaking out. do i think this proposal has traction? i don't know.

maybe some of it would, but i want to stimulate a public discussion about this and hopefully congress and the president will think harder about what their incentives are. my fears the government is being managed to listen to the elections and it is all about the short-term election prospects and not about the business of governing it and that is where we have to get the folks in washington focused. liz: word is timothy geithner will be a big part in negotiating the fiscal cliff discussions. do you have faith you might be able to negotiate in a positive way? >> i don't know. i think, i guess i want to wish everyone well in the discussion. we need to get a good agreement out of this lame duck congress. david: can we do it better with a new treasury secretary? >> i think that is an important point, wh whoever the next treay secretary is should be one that

can work with congress on a bipartisan basis and actually get agreement to someone who can complement the president's skills in this area but credibility on both sides. i like bowls, known him for years, you'd be very good and the treasury secretary. very evenhanded. simpson-bowls was something i really supportive. they have been promoting fiscal responsibility, educating the public. liz: it is an interesting idea. david: some say president obama's reelection ass an indicator of their love losig their love and defense of the spirit of enterprise. is there any proof to this? we will ask wall street

economist peggy noonan next. liz: uncertainty builds about the tax treatment of dividends that may come to pass in 2013. we've got somebody who is running toward one of the high yielding segments and he says may be the best investment out of their postelection. and we want to hear from you. log onto facebook.com/afterthebell. tell us what is the best investment out there right now.

david: wrapping up this extraordinary political week the oil opposition still shocked at a president who failed on so many fropts to deliver the kind of economic recovery he promised could win re-election but he did.

and answering how he did is something few republicans seem to be addressing clearly without bitterness. one of the exceptions is former reagan speechwriter and current "wall street journal" columnist peggy noonan who joins me now. >> good to see you. david: broad stroke, why did obama win? >> you know the larger reasons. america's changing demographically and culturally. you know, the technical reasons with regard to a really fabulous ground game on the obama side that i think will change how national politics is done in the future. from what i read about it, deeply impressive, met by a somewhat absent or, not so deeply competent ground game on the republican side. but there are larger reasons than that. i think. and i suspect one of them is that, america's been in a difficult time for about

five years, and there were a number of people who, for some interesting and understandable reasons were, somewhat fearful of change and, weren't sure that what they were seeing on the republican side may be signified improvement. so --. >> the extraordinary thing romney received a couple million votes less than what john mccain received in 2008. so why was it that the republican base which seemed energized before the election, didn't come out and support him the way they did john mccain, for example? >> well, here's part of that story i think. the republican base was energized. romney received more than 57 million votes. that is a heck of a lot of people. they were committed and i was talking to all of them and they were really, towards the end, maybe last 10 days kind of on fire. however, that base itself is getting smaller. you know it is a smaller

slice of the pie than it used to be. and i think one of the big lessons of this campaign is that republican political operatives have been for a quarter century tri saying exciting the base, getting the base to the polls. it is about more than that now. from here on every election is trying to expand the base, meaning trying to per said. trying to talk to getting with people, look, this is our plan. this is it why we think it is best. i think the way the republican party itself does business is probably going to be changed by this election and that's a good thing. david: i talked at the beginning about bitterness. there is a side of the republicans, the opposition right now, which is bitter, saying that their sense is that americans are now more concerned about what they might lose from the government rather than, rather than what they are actually getting from the government.

americans are so attached to government freebies that is why they voted for obama and there is no way that the independent movement of the republican party will gain traction again. do you believe that? >> no, i don't. tell you the truth. first of all, on bitterness, this is a democracy. every four years we vote on presidents. sometimes the republicans win of the sometimes the democrats win. you got to do your best. you always as a human being have to keep in mind, do your best. be committed. struggle your hardest but god is in charge of history. you know what i mean? we're not micromanaging this life that we're living in. beyond that on the question you raise i think america's going to have to struggle with the fact that americans really are anxious about spending and taxing and our competitive position you about they're also anxious about their personal positions. some are on social security.

some use medicare. you know, there's a whole cluster of benefits people might be on that doesn't mean they don't worry about their country and it doesn't mean they won't respond to logical appeals in the future. david: you came in with the reagan revolution of the reagan revolution was about the spirit of enterprise. george gilder wrote a book about that the president endorsed. the idea was in the '70s that business was kind of a bad thing and unpleasant thing you had to do. then it came roaring back in the '80s with ronald reagan, that spirit of individualism and spirit of enterprise and business took on whole new positive, almost herro rick flavor in this country. >> wrote best-sellers. david: exactly. that seems to be fading, does it not? >> oh, i don't know. part of this, i think we ought to step back a little bit. there are cycles to history, in the 1930s and 0's and '50s, government had gotten really big. when jack kennedy in 1962

cut taxes i think the highest marginal rate was at 90%. he cut it back to something like more reasonable 70%. i don't really remember the numbers but you probably do, not to take the pressure off me and put it on you but why not? you know what i'm saying. then the reagan era came in, starting in the '70s and culminating in his election in 1980. and suddenly the spirit of enterprise was new again. and people, who didn't even know there was such a thing as conservatism were starting to discover they were conservatives. and it was all new and it came in a great whoosh of history. all right. things may be changing now, but, everything that is true in life comes back. everything that is true in life endures. so everybody just has to think smart, think broad. go deep. david: hunker down. the spirit of enterprise is still with us? >> not hunker down.

keep pushing. keep persuading. david: "wall street journal" columnist, good to see you. liz, back to you. liz: inspiring. uncertainty over next year's tax code has investors running away from high yielding stocks. all the dividend-paying stocks you might have added to your portfolio, we'll tell you about one high yielding area that will continue to pay out no matter what tax changes are on the way. chrysler recalling hundreds of thousands of jeeps due to airbag issues. we have details on that ahead. stay tuned. ♪ you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank

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>> i'm robert gray with your fox business brief. after a choppy trading day stocks managed slight gains

across the board at the closing bell. all three major indices ended the week down more than 2%. chubb is halting its stock buyback program in the wake of superstorm sandy. like many other insurance companies chubb has not been able to estimate the losses from the storm. some industry executives say claims may exceed $20 billion, making sandy the most expensive hurricane trailing only hurricane katrina. google has reported service disruptions in china as that nation's communist party's 18th congress gets you know way. china has sporadically blocked google services since 2010 when the tech giant said a cyberattack on the system came from that nation. that's the latest from the fox business, giving you the power to prosper

david: we have breaking news on lockheed martin. robert gray with the details. go ahead, robert. >> that's right, david. just crossing the wires now the expected incoming ceo,

has now been, is now resigned and the board has accepted his resignation from the board after an investigation and after he admitted to a close personal relationship with a subordinate. he is out. the board is electing marilyn hewson, president and chief operating officer, director effective immediately to the board and ceo designate and president effect i have january 1st. so on new year's day 2013. houston retains the role as vice president of electronic business. incoming ceo at lockheed martin martin forced out as resign as chairman and chief operating effective immediately. instez of christopher kubasik, marilyn hewson will take effect today. effective immediately added to the board of directors. liz, send it down to you. liz: watch those defense stocks of course if the sequestration, the spending

cuts hit, something very much to be watching. lots of news for lockheed martin. we'll watch it on monday. traders have been flocking to dividend stocks for about a year but suddenly they're coming out of them. they are running away from them this week as uncertainty builds about the tax treatment for dividends next year. we're expecting a reset if we hit the fiscal cliff, higher taxes on dividends. look at figures. 25 highest yielding stocks in the s&p 500 are down an average of 3.8% just through thursday's close. compare thaa with a decline of only 2.6% for the s&p 500. yes. people are jumping from dividends. we have somebody who says there is one dividend paying structure that will pay you big despite the 2013 higher tax rates. we have the him her to talk about mlps. everybody write this down, mlp, master limited partnerships, which first explain to our viewers what they are and why they are

held to a different standard even if the tax rate goes up. >> okay. master limited partnerships were created by an act of congress in 1986. what they were designed to do is encourage private investment in the u.s.'s energy infrastructure. so they create ad pass-through vehicle similar to a reit structure. so the master limited partnership does not pay taxes at a corporate level but passes through the distributions in the form of higher dividends to the ultimate investors in the partnership. liz: so we have a reset. okay? >> okay. liz: from the level that we're at, what is it 25% for dividends. >> 15% for now. liz: then it resets to 39.6%, then, what is going to be taxed for my dividend, on mlp, for example? >> okay. let's just step back the risk to dividend income if you have a $1,000 of dividend income goes from 15% tax rate to 39.6% tax

ray, you lost 30% after after-tax income. liz: exactly. >> more an mlp, 80% of the income is tax deferred. don't pay taxes on 80% of income you receive in any given year. that means without getting into numbers, same $1,000 on an mlp, you will net $920 of that, versus $600. liz: again, let's just explain. tax defered until you sell? >> until you sell. and then there is recapture on the income that you have received over time and there's a little offset from net operating losses. liz: what are some of your favorite mlps? most of these we should explain are gas pipelines energy, correct. >> correct. 80% of the mlp universe consists of infrastructure pipelines of the so very little exposure to commodity prices of the right now the big driver force behind mlps are unconventional shale plays or are unconventional shale plays. $380 billion doubling the

size of the infrastructure. if i look at top picks in the space, one of them is a fund that we recently launched. yorkville mlp fund. focused on could. -- commodities. it yields 8%. we expect of that 8%, 100% will be treated as return of capital with no recapture. you will not pay any taxes on it this year, nor will you have to pay taxes. liz: that is definitely something attractive. you have legacy reserves. and a third one is energy with an i. tell me what you like. >> both ie plays. inergy transforming itself. it was a propane play. now a general partner of a pipeline which gives you secured distribution growth over time. it is yielding 6%. its pier groups, general partners on median are yielding 4%. it has a faster growth profile. you will get multiple expansion which brings the

yield down and as well as eight to 9% distribution growth. this is it cash growth. not earnings growth that can be manipulated. it is cash growth. liz: important to note, they are not as subject and not as exposed to fluctuation in oil prices and natural gas prices? >> correct. you use the capacity you have or pay for it. it is not subject to the swap price of commodity. >> don't throw the baby out with the bath water if you're scared what happens with dividend taxes. thank you for talking about master limited partnerships. >> my pleasure. liz: darren shrinka yorkville managing partner. david: liz, two weeks after superstorm sandy wreaked havoc on the eastern seaboard, thousands of people still have no power, limited access to gas adding up to lost productivity. what is the true cost of sandy to the economy? adam shapiro has those details you don't want to miss coming next. ♪ . i'm a conservative investor.

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liz: it's now 12 days since superstorm sandy made her devastating appearance on the east coast. david: but in the wake of the hurricane for many the storm has just begun. what did sandy really cost us all-in? fox business's adam shapiro joining us from a hess station in midtown, new york,

with the very latest. adam, the fact is a lot of people's work life right now is spent trying to get gas. adam, do you hear us okay. >> i don't know if i have ifb. david: go ahead, adam, if you can hear. >> this is pretty much calm. take a look at people who lined up here, the cars stretch down to about 40th street. we're at 45th street. not a long way. anywhere from 15 to 30 minutes. much better than two hours or three hours people were waiting to get gasoline. you have seen lines are better, because people are able to get gas because of even-odd rationing. if you have even number at end of your license plate you fill up tomorrow. odd fill up on odd days. zeroes are even. letters are odd. on long island they're still pretty angry. >> waiting for the gas for an hour.

they got regular gas. but everywhere. everywhere that is the same problem. >> fix this problem fast. you know. there is no reason for it. this is new york city. >> so, again, david and liz, the situation here under control. the mayor says this is going to go on for several weeks. people don't like that idea. but they're much happier with a 30-minute as opposed to two hours. throw it back to you. david: adam, can you hear us? you weren't hear us before. no he can't. we were told he could. he can't. adam shapiro reporting from new york. liz: time to go off the desk? want to arrive on the destination on time. might not want to fly american airlines. according to u.s. transportation department, only 58% of american's arrived 14 minutes late making it the worst performer. major topping the list on on-time arrivals, delta 99 america blames its poor performance what it call as

illegal work slowdown by pilots who we reported are not happy with the cost-cutting measures being taken as part of the airline's bankruptcy process. david: we saw those guys. saw them outside. also "off the desk", if only abc were really as easy as one two three. king of pop's older brother, jermaine jackson filed a petition to change his name to jermaine jacssun. liz: why? david: he said artistic reasons motivating for the change. the hearing is february 22nd before he makes anything official. seems like a big effort. prince was a much bigger one, remember that? liz: the symbol. next is money with melissa francis